Spendesk raises €35m in Series B funding
Paris-based spend management platform Spendesk is aiming for international expansion after raising Series B funding of €35 million, reports Jane Connolly.
The round was led by Index Ventures, which also led last year’s Series A round. This takes the total raised to €45 million.
Spendesk will use the funding to develop its products and grow internationally, with a special focus on the UK market following year to year annual revenue growth of 300% in the country. The company, which doubled its European customer base to 1,500 businesses in the last 12 months, plans to open new offices in London and Berlin.
“Spendesk is the first spend management platform built for both finance teams and employees,” says Rodolphe Ardant, CEO and founder. “With visibility along the entire spending process, finance leaders can decentralise spending across the business without any loss of control. Employees benefit from streamlined expense and invoice management through the Spendesk website or app, whether on the road or in the office.”
The platform claims to help SMEs save on average three days per month on reconciliation tasks alone. Spendesk combines virtual and physical payment methods with approval workflows, automatic receipt capture, real-time spend analysis and invoice management, along with reporting and accounting integrations.
New features in the pipeline include smart analytics, wire transfers, support for more international currencies and strategic partnerships with complementary services such as TravelPerk.